The focus of this 90-minute virtual session is management accounting. You will work through the nature and behaviour of costs as well as the impact of profit drivers on performance. You will also explore different approaches to budgeting and their appropriateness, as well as the sources of information available to aid forecasting. This session can be a stand-alone session or as part 3 of the 'Finance for Non-Financial Managers' series.
This short session is suitable for non-financial managers and anyone new to managing costs and budgets. It looks at the base knowledge needed in order to compile and manage budgets and is therefore useful for refreshing ideas and formalising and filling in knowledge gaps.
By the end of this session, you will be able to:
- Identify how budgets are put together in your organisation and your role in the process.
- Describe the behaviour of costs and the impact they have on your budget and performance.
- Explain the impact of the different profit drivers and the influence you can have on the bottom line.
- Define the different types of forecasting to utilise the best approach for your budget